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The government is going to exceed its annual limit for bank borrowing within the first half of this fiscal year due to poor revenue collection, and this could give a credit crunch for the private sector to deal with.
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The central bank is set to give licence to a new non-bank financial institution (NBFI) -- a disconcerting move given that at least 10 of them are struggling to return funds to banks and customers upon maturity.
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A dozen banks faced a combined provision shortfall of Tk 12,000 crore in the third quarter of 2019 in a sign that exposed their weakness to shield depositors’ funds from financial risks.
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Defaulted loans surged 24 percent to Tk 116,288 crore in September compared to that in December last year, the amount being the highest in the country’s history, largely because of the central bank’s inertia to crack down on wilful defaulters.
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The government’s borrowing from banks has escalated alarmingly on the back of a revenue shortfall, a development that is poised to aggravate the already tight liquidity condition in the sector.
